Retail in Asia


Kering scores record sales growth in 2021, Gucci and Saint Laurent remain strong


French luxury group Kering announced on 17th February record annual revenues of €17.02 billion (US$ 19.3 billion) in 2021, up 35 percent on a reported basis compared to 2020, and up 13 percent compared to pre-pandemic 2019.

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The owner of Gucci, Saint Laurent, Balenciaga said revenue was 40 percent higher than in 2020 on a comparable basis, supported by a sharp rebound in all regions, and 18 percent higher than in 2019.

Sales for the group came primarily from the Asia-Pacific region, which generated 39 percent of sales in 2021, followed by 27 percent from North America, and Western Europe, which generated 22 percent. Japan and the Rest of the World markets generated 6 percent and 7 percent of Kering’s revenue, respectively.

APAC sales excluding Japan totalled €6.7 billion (US$ 7.6 billion), representing an increase of 34.6 percent, and 32.7 percent on a comparable basis, while Japan revenues reached €1.1 billion (US$ 1.2 bllion), up 13.8 percent on a reported basis compared to 2020, or 21.2 percent on a comparable basis

Online sales continued to grow at an “exceptional pace”, up 55 percent, with the Parisian group’s online channel penetration rate doubling in two years, accounting for 15 percent of total sales in the retail network. Wholesale revenue was up 17 percent on a comparable basis year-on-year, but down 3 percent compared to 2019.

Recurring operating income also surged 60 percent on 2020, to reach a new record of €5.017 billion (US$ 5.701 billion). Group net income jumped 47.7 percent to €3.175 billion (US$ 3.608 billion).

Like the yearly revenue surge, Kering said sales growth accelerated in the fourth quarter of 2021, rising by 39 percent relative to 2020 and 34 percent relative to 2019 on a comparable basis.

“Kering realised excellent performances in 2021, further consolidating its prominent position in the luxury of the future,” said François-Henri Pinault, chairman and chief executive officer

“Thanks to their ability to blend authenticity with bold creativity, all our houses achieved sharp sales rebound, way beyond their 2019 levels, while reinforcing the exclusivity of their distribution and further enhancing their brand equity. We expanded our team of talented people around the world, and I am sincerely grateful for the remarkable accomplishments of all our colleagues.”

By brand, Gucci yearly revenues rose 31 percent to €9.731 billion (US$ 11.058 billion), beating out its 2019 level, while Parisian fashion house Saint Laurent saw annual revenues surged 46 percent to €2.521 billion (US$ 2.865 billion). Likewise, Bottega Veneta 2021 revenues exceeded €1.5 billion (US$ 1.7 billion), rising 25 percent on the year and 32 percent relative to 2019, while Kering’s ‘other houses’ category saw annual revenue up 44 percent to €3.264 billion (US$ 3.709 billion).

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“All our houses are stronger than ever before, and we are confident we will extend last year’s momentum in 2022 and in coming years,” added Pinault.